Cookie Control

This site uses cookies to store information on your computer.

Some cookies on this site are essential, and the site won't work as expected without them. These cookies are set when you submit a form, login or interact with the site by doing something that goes beyond clicking on simple links.

We also use some non-essential cookies to anonymously track visitors or enhance your experience of the site. If you're not happy with this, we won't set these cookies but some nice features of the site may be unavailable.

By using our site you accept the terms of our Privacy Policy.

(One cookie will be set to store your preference)
(Ticking this sets a cookie to hide this popup if you then hit close. This will not store any personal information)

"OPEC+ Makes Big Oil Cut To Boost Prices; Pump Costs May Rise"

"FRANKFURT, Germany — The OPEC+ alliance of oil-exporting countries decided Wednesday to sharply cut production to support sagging oil prices, a move that could deal the struggling global economy another blow and raise politically sensitive pump prices for U.S. drivers just ahead of key national elections.

Energy ministers cut production by a larger-than-expected 2 million barrels per day starting in November after gathering for their first face-to-face meeting at the Vienna headquarters of the OPEC oil cartel since the start of the COVID-19 pandemic.

The group said the decision was based on the “uncertainty that surrounds the global economic and oil market outlooks.” Saudi Energy Minister Abdulaziz bin Salman stressed the group’s stated role as a guardian of stable energy markets."

David McHugh reports for the Associated Press October 5, 2022.

SEE ALSO:

"In Rebuke to West, OPEC and Russia Aim to Raise Oil Prices With Big Supply Cut" (New York Times)

"OPEC+ Agrees to Biggest Oil Production Cut Since Start of Pandemic" (Wall St. Journal)

"OPEC, Allies Move To Slash Oil Production, Eliciting Blistering White House Response" (Washington Post)

"OPEC Move Shows the Limits of Biden’s Fist-Bump Diplomacy With the Saudis" (New York Times)

"Explainer: What Is NOPEC, The U.S. Bill To Pressure The OPEC+ Oil Group?" (Reuters)

"OPEC Oil Output Cut Fuels Dems’ Gas Price Fears" (Politico)

Source: AP, 10/06/2022